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Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....
Read MoreCorporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...
Read MoreCorporate Law - The Insurance Regulator, IRDA of India has come out with another circular in furtherance to its previous Circular No. IRDAI/INT/CIR/CDB/19708/2017 dated 24.8.2017 which laid down the road map for the constitution of a Central Database of all the Licensed Insurance Sales Persons in India at Insurance Information Bureau of India (IIB), wher...
Read MoreCorporate Law - Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....
Read MoreCorporate Law - The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...
Read MoreCorporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....
Read MoreCorporate Law - The Authority has issued an Exposure Draft along with Proposed Regulations on IRDAI (Outsourcing of Activities by Indian Insures) Regulations, 2016 on 16/8/2016 seeking comments from various stakeholders...
Read MoreNew India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....
Read MorePushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...
Read MoreLimitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...
Read MoreRef IRDAI/NUCIR/MOTA31108/2018 - (28/08/2018) - Insurance Companies shall carry out the following in respect of Motor Third Party Insurance covers for new cars and new two- wheelers with effect from 1St September, 2018: (i) Offer only three-year Motor Third Party Insurance covers for new cars and five-year motor third party insurance policies for...
Read MoreIRDA/F&A/CIR/MISC/052/03/2018 - (27/03/2018) - Services of general insurance business provided under following schemes is exempted under GST 1. Janashree Bima Yojana 2. Aam Aadmi Bima Yojana 3. Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of two lakh rupees...
Read MoreRef: IRDAI/SDD/CIR/MISC/047/03/2018 - (20/03/2018) - For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgment is pronounced by Hon’ble Supreme Court of India....
Read MoreIRDA/HLT/WRN/ORD/009/01/2018 - (19/01/2018) - However, taking into consideration the rectification measures stated to have been initiated, your company is warned for violating the within referred provisions of Guidelines on Group Insurance Policies and your company is also directed to ensure compliance of the within referred Guidelines hereafte...
Read MoreF. No. IRDAI/Reg/2/149/2018 - (12/01/2018) - (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018. (2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (In...
Read MoreRef IRDAI/NUCIR/MOTA31108/2018 - (28/08/2018) -
IRDA/INT/CIR/CDB/082/05/2018 - (29/ M/ay 2) -
IRDA/F&A/CIR/MISC/052/03/2018 - (27/03/2018) -
Ref: IRDAI/SDD/CIR/MISC/047/03/2018 - (20/03/2018) -
IRDA/HLT/WRN/ORD/009/01/2018 - (19/01/2018) -
F. No. IRDAI/Reg/2/149/2018 - (12/01/2018) -
Ref: 40/IRDA/INSP/Min-Info-Reg/2017 - (11/01/2018) -
IRDA/INT/CIR/MISP/5/01/2018 - (11/01/2018) -
Notification No. F. No IRDAI/RI/1/148/2018 - (09/01/2018) -
